PACRA Maintains Stability Rating of JS Money Market Fund

JS Money Market Fund (or the 'Fund') is a low-risk profile Fund. The investment objective of the JSMMF is to provide a competitive return to its investors (with a periodic payout as may be set out by the Management Company) by investing in low-risk, highly liquid, and short-duration portfolio consisting of money market instruments. The assigned rating reflects the strong strength of the Fund's credit and interest rate risk profile. At end Jun'24, the Fund had placed 67.0% of net assets in T-Bills, ~18.3% in Short Term Sukuk and, ~13.3% invested in Banks, whereas ~1.5% was invested in others. The credit quality of the Fund comprises of ~66.96% in Govt securities/AAA rated avenues, ~18.33% in AA and ~13.25% invested in AA+ rated avenues at end Jun'24. The WAM and Duration of the Fund stood at 79 days, depicting low interest and credit rate risk. The Fund's unit holding structure is highly concentrated, with the top ten investors accounting for 73.38% of its net assets.
Going forward, any material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on rating.

About the Entity
JS Investments Limited is the oldest private-sector Asset Management Company in Pakistan. The company was established in 1995 and is listed on the Pakistan Stock Exchange. The Company is part of the Jahangir Siddiqui (JS) Group. JS Bank Limited holds ~85% shareholding in the Company. JS Group has a strong presence in the financial sector with entities operating in the banking, insurance, brokerage, and asset management sectors. The group has recently ventured into energy infrastructure and OMC segments. JS Investments possesses licenses for Asset Management Services, Investment Advisory, Private Equity, Venture Capital services, and REIT management. In addition, the Company also acts as Pension Fund Manager under the Voluntary Pension System Rules, 2005.'' The Company is headed by Ms. Iffat Zehra Mankani. She possesses over 20 years of global experience in both public and private markets across multiple asset classes.
The Company’s board of directors comprises eight members including the Chief Executive Officer. The board is dominated by representatives of JS Bank Limited and Jahangir Siddiqui & Company Limited. The board has three independent directors while all the other directors are non-executive directors. The board members possess strong profiles and skills suited to the financial services industry. Assets under management of the Company stood at ~PKR 98.6bln at the end of Jun'24.